Equity markets decline in early trade dragged by services, realty stocks, FII outflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty declined in early trade on Monday weighed down by losses in services and realty stocks and sustained foreign fund outflows.
The 30-share BSE Sensex dropped 316.52 points, or 0.37 per cent, to 85,395.85 in the morning trade. The 50-share NSE Nifty declined by 106.70 points, or 0.41 per cent, to 26,079.75.
From the Sensex firms, Bajaj Finance, Bharat Electronics Ltd, Axis Bank, Bajaj Finserv, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra, NTPC, ICICI Bank, PowerGrid, Hindustan Unilever and Larsen & Toubro were the laggards.
However, Tech Mahindra, Infosys, Eternal, Reliance Industries, Tata Motors Passenger Vehicles, Tata Consultancy Services, Trent, HCL Technologies and Tata Steel were among the gainers.
"Emerging positive and negative news have the potential to keep the market volatile in the near-term. Robust economic growth and indications of earnings growth revival are supportive of markets.
"The massive fiscal and monetary stimulus to the economy this year has contributed to sharp revival in GDP growth as evidenced by the 8.2 per cent Q2 GDP growth print, and RBI's upward revision of FY 26 GDP growth to 7.3 per cent augurs well for the market," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.
He noted that low GDP deflator, consequent to low inflation, has impacted nominal GDP growth and corporate earnings growth. But from the leading indicators it is clear that about 15 per cent earnings growth is achievable in FY27. This is positive for the market.
"However, there are strong negatives, too, which can impact the market. Sustained depreciation of the rupee has been forcing FIIs to sell in the market continuously," Vijayakumar added.
Meanwhile, foreign institutional investors (FIIs) offloaded equities worth Rs 438.90 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,189.17 crore, according to exchange data.
In Asian markets, Japan's Nikkei 225, Shanghai's SSE Composite index and South Korea's Kospi were trading in the green territory while Hong Kong's Hang Seng index was quoting in the red zone.
US markets ended higher on Friday.
"American equities posted modest, broad-based gains last week, supported by softer inflation data and resilient macroeconomic indicators that sustained expectations of Federal Reserve rate cuts," Devarsh Vakil, Head of Prime Research, HDFC Securities, said.
He noted that investors positioned cautiously ahead of the upcoming Federal Open Market Committee (FOMC) meeting, additional inflation releases, and year-end portfolio adjustments.
Brent crude, the global oil benchmark, rose 0.13 per cent, to USD 63.83 per barrel.
On Friday, the 30-share BSE Sensex benchmark advanced 447.05 points to settle at 85,712.37, while the 50-share NSE Nifty climbed 152.70 points to close at 26,186.45.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
'Made in India' must become symbol of excellence, global competitiveness: PM
New Delhi (PTI): Prime Minister Narendra Modi on Sunday called upon states to encourage manufacturing, boost 'ease of doing business' and strengthen the services sector to make India a global services giant.
Addressing the 5th National Conference of Chief Secretaries here, Modi emphasised the need for quality in governance, service delivery and manufacturing, and said the label 'Made in India' must become a symbol of excellence and global competitiveness.
He said India has the potential to become the world's food basket and the country must move towards high-value agriculture, horticulture, animal husbandry, dairying and fisheries to become a major food exporter.
"Called upon states to encourage manufacturing, boost 'Ease of Doing Business' and strengthen the services sector. Let us aim to make India a Global Services Giant," Modi said in a series of posts on X.
The theme of the three-day conference, which began on December 26, was 'Human Capital for Viksit Bharat'.
Modi observed that this conference marks another decisive step in strengthening the spirit of cooperative federalism and deepening Centre-State partnership to achieve the vision of a 'Viksit Bharat'.
Highlighting India's demographic advantage, he said nearly 70 per cent of the population is in the working-age group, creating a unique historical opportunity which, when combined with economic progress, can significantly accelerate the journey towards a 'Viksit Bharat', according to an official statement.
Modi said India has boarded the "Reform Express", driven primarily by the strength of its young population, and empowering this demographic remains the government's key priority.
He noted that the conference is being held at a time when the country is witnessing next-generation reforms and steadily moving towards becoming a major global economic power.
Underlining the need to strengthen 'atmanirbharta' (self-reliance), he said India must pursue self-reliance with zero defect in products and minimal environmental impact, making the label 'Made in India' synonymous with quality and strengthening the commitment to "zero effect, zero defect".
The PM urged the Centre and states to jointly identify 100 products for domestic manufacturing to reduce import dependence and strengthen economic resilience in line with the vision of 'Viksit Bharat'.
In higher education, too, he said, there is a need for academia and industry to work together to create high-quality talent.
He highlighted that India has a rich heritage and history with the potential to be among the top global tourist destinations.
Modi urged the states to prepare a roadmap for creating at least one global-level tourist destination and nourishing an entire tourist ecosystem.
He said it is important to align the national sports calendar with the global sports calendar.
"India is working to host the 2036 Olympics. India needs to prepare infrastructure and sports ecosystem at par with global standards," he said.
The prime minister said the next 10 years must be invested in the states, only then will India get the desired results in such sports events.
Every state must give this top priority and create infrastructure to attract global companies, he said.
In the services sector, Modi said, there should be greater emphasis on other areas like healthcare, education, transport, tourism, professional services and artificial intelligence, etc. to make India a global services giant.
He said India will soon be launching the National Manufacturing Mission (NMM).
States should work in tandem with the discussions and decisions emerging from the conferences of both chief secretaries and DGPs to strengthen governance and implementation.
The PM said similar conferences could be replicated at the departmental level to promote a national perspective among officers and improve governance outcomes in pursuit of a 'Viksit Bharat'.
In conclusion, he said every state must create a 10-year actionable plan based on the discussions of this conference with one, two, five and 10-year target timelines wherein technology can be utilised for regular monitoring.
The conference featured a series of special sessions that enabled focused deliberations on cross-cutting and emerging priorities.
It marks another important milestone in strengthening the Centre-State partnership through structured and sustained dialogue on national development priorities, according to the statement.
The PM's principal secretaries P K Mishra and Shaktikanta Das, Cabinet Secretary T V Somanathan, members of the NITI Aayog, chief secretaries of all states and Union territories, and domain experts attended the meeting.
Anchored in the prime minister's vision of cooperative federalism, this conference serves as the forum where the Centre and states collaborate, designing a unified roadmap to maximise India's human capital potential and accelerate inclusive, future-ready growth.
It has been organised annually over the past four years.
The first conference was held in Dharamshala in June 2022, followed by subsequent conferences in New Delhi in January 2023, December 2023 and December 2024.
